Financial Accounting  and Reporting 

Financial Accounting and Reporting (FAR) 

For the majority of students, FAR is the first Professional Level paper they sit and the highly technical content can prove tricky for many. There are four questions in the FAR exam and each is entirely predictable: prepare a set of single entity accounts, explain the accounting treatment of a set of transactions, prepare a set of consolidated accounts and a mixed topic question (normally consisting of a cash flow statement and a consolidation working).

 

In addition to simplifying the technical content to make it easy to understand, our tuition focuses heavily on teaching the optimal exam technique for each question, ensuring that you score a high mark. The exam techniques you will be taught are those which enabled your tutor to score 88% in the FAR exam and win a prize from the ICAEW. These learning strategies and exam techniques have resulted in several of our students scoring over 80%.

A small sample of our student feedback is included below:

Anyone studying the ACA exams without a doubt MUST use ACA Masters. Without Kieran I simply wouldn't of passed the FAR exam, thank you again. The classes were at a great pace which focused on all the key areas to help pass the exam. On top of this, from the beginning of the course we focussed on exam technique and past papers which was a massive bonus that aided my revision to help me perform better in the actual exam on the day.

The learning materials provided were exceptionally helpful. What I found particularly helpful were the online webinars as I could watch these on the go which focused on key areas of the syllabus together with the exam tips. Kieran is a fantastic tutor who is always on hand to answer any questions you have and his knowledge and exam technique is invaluable.

Enis (FAR resit student)

 

The focus on exam technique for FAR enabled me to tackle the questions that gain most marks first, answer efficiently and most importantly, learn the knowledge needed for unexpected questions that may arise. The focus on the FAR explain questions really cemented the knowledge in my head which enabled me to tackle the other questions in the paper.

 

The online webinars are great in addition to the live tutoring as they explained topics and exam technique by applying them to different questions. Repetition is key and by watching the online webinars and answering the questions the way Kieran explained in order to pass the exam, became a habit.

 

The revision notes were very concise and there was nothing unnecessary in them.

 

I will most definitely be using ACA Masters services/products in the future whether it be online webinars, notes and/or tuition classes.

Kieran M (FAR student who passed first time with us)

The focus on exam technique was really helpful. I found it meant that I had seen almost every different style of exam question. I particularly benefited from learning the theory and then applying this to an exam question. The focus on the explain style questions at the start forced me to learn the standards which also helped with the other style of questions.The technical tuition focused on the right areas as more time was put into areas which almost always come up. Also, the exam tips were very helpful as were the learning materials. I would recommend this course to other students who need to pass. I would also like to sign up for the TC tuition if there are any available spaces.

Lucy (FAR student who passed first time with us)

I found the tips on how to approach the questions very useful e.g. the approach for the written 'explain questions' gave me a method which could be applied to any 'explain question' that came up.

It was good that the sessions were broken up into separate areas of the exam so it was clear which question we were working on and gave a bit of structure to my revision. I would definitely recommend taking the course as it was much more understandable than the college course for this module.

Kam (FAR student who passed first time with us)

Incredible ACA tutor who I cannot recommend enough! I am so glad I found ACA masters when I did and I look forward to being taught by the best for the remainder of my exams.

Nikita (FAR student who passed first time)

I feel the exam technique using past papers helped me perform better in the actual exam especially the focus on the core areas that repeat most commonly in papers.The learning materials and exam tips were really helpful especially the use of computer to demonstrate the answer which is something that other tutors have not used.  I would recommend the course to other students; the small class size is helpful in getting the most out of the sessions. In the future I plan on using your courses again for my next exams where possible. Overall, I was really happy with the tuition and achieved my goal of passing all 3 exams first time (even though it did seem impossible)!

Rory (FAR, TC and AA student who passed first time with us)

The tuition was excellent. The explanations and reasoning that was provided was very helpful for my understanding and the pace was just right. I would recommend the course to others. 

Imogen (FAR student who passed first time with us)

Notes provided are very useful and break the complex technical areas down in an easily understandable way. The step by step processes used allow for greater understanding of the topic making questions seem far less daunting.  They also enable the question to be broken down into parts enabling greater marks to be obtained.

The more concise approach used in the notes and question practice really benefited my studying as opposed to the lengthy course materials provided by my college.

Matt (FAR student who passed first time with us)

Further detail on how our approach differs from other tuition providers is included in our 'How to pass the FAR exam' article. 

Tuition Options

To get you through your FAR exam, we offer small group classroom tuition, online tuition and one-to-one tuition.

 

Classroom Tuition - London

Our FAR course comprises six classes which are held on Saturdays in central London. Each of the first five classes focus specifically on one of the four FAR exam questions covering: the key accounting concepts and standards; the most effective way to read and work through the exam paper; the key things to look out for in exam questions; and most importantly, the specific technique you should use when typing your answer in the exam.  We will work exclusively with past paper questions from recent exams to ensure that you get up to the required standard as soon as possible – rather than wasting time with ‘warm-up’ questions. You will also be coached on how to study effectively, how to structure your revision and be guided as to what you need to do to pass the ACA exams with top marks.

The classes are structured as follows:

1. Assets, Revenue, Provisions and 'Explain accounting treatment' exam questions

2. Financial Instruments, Leases and 'Explain accounting treatment' exam questions

3. Tax, other standards and 'Single entity financial statement preparation' exam questions

4. Groups 1

5. Groups 2 and Cash flow statements

6. Exam technique masterclass

Tuition fees

There are two payment options for the FAR classroom course.

Option 1: Pay as you go

Tuition fees are £150 per class.

Option 2: Full Course

For students attending all 6 classes, the tuition fee is reduced to £130 per class.

Therefore, the full cost of the course is £780. 

 

The full course includes:

- Full access to our popular FAR exam masterclass webinars which sell separately for £195 (see below).

- Access to our Certificate Level Accounting webinars as most students need a refresher on the essential brought forward content. 

- Our Learning Notes and FAR Master Plan which sell separately for £30 (see below).

- A £10 per hour discount on any additional one-to-one tuition required (see below).

 

​Please contact us here if you wish to book.

Tuition is held in central London on Saturdays. Each class has a maximum of 12 students. This small group format ensures that the tutor can dedicate sufficient attention to each individual student, whilst at the same time building a collaborative learning environment where questions can be freely asked. This small group format has proved highly effective for our current and former students and is a contributing factor to our exceptionally high student pass rate. Students are also encouraged to act as ‘study buddies’ outside of formal tutoring hours.

 

Online Tuition - FAR Masterclasses

As it is not possible for all students to attend our classroom course in London and because the course is often fully booked, our prize-winning senior ACA tutor Kieran Doe has recorded a series of FAR masterclasses. 

Each class focuses on a common FAR examination area and explains the key technical concepts before demonstrating the optimal exam technique by tackling recent past exam questions in full. The classes apply the exam strategies and techniques which resulted in your tutor scoring 88% in the FAR exam and winning a prize from the ICAEW. This exam focused tuition approach enabled several of our recent students to score 80% and above.

 

Our online masterclasses teach exactly the same content and exam techniques as our classroom tuition. Many students prefer the online masterclasses as they offer a lower cost option and can be accessed from any location with internet connection. 

 

The classes are structured so that the course covers each examinable area and each type of FAR exam question. The course also includes revision classes from Certificate Level Accounting for those who need a refresher on the brought forward content.

 

The course is structured as follows:

Single Entity Financial Statements

  1. Assets ('explain' questions)

  2. Revenue and Grants ('explain' questions)

  3. Provisions ('explain' questions)

  4. Equity and Financial Instruments ('explain' questions)

  5. Leases ('explain' questions)

  6. Foreign currency transactions ('explain' questions)

  7. Single entity financial statement preparation questions

  8. Single entity financial statement preparation questions (with OCI)

  9. Single entity financial statement preparation questions (with Statement of changes in equity)

  10. Single entity financial statement preparation questions (with disclosure note)

Groups

  1. Groups technical class 1: basics

  2. Consolidated SFP questions (no associate or JV)

  3. Consolidated P&L and SOCE questions (no associate or JV)

  4. Consolidated P&L and SFP extracts questions (no associate or JV)

  5. Groups technical class 2: Subsidiary disposal

  6. Consolidated P&L and extracts questions (subsidiary disposal)

  7. Groups technical class 3: Associates and JVs

  8. Consolidated SFP questions (with associate or JV)

  9. Consolidated P&L and SOCE questions (with associate or JV)

Cash Flow Statements

  1. Group Cash Flow questions

  2. Group Cash Flow questions 2

Other

  1. Ethics, Conceptual Framework and UK GAAP comparison questions

Accounting Revision

  1. Accounting Basics – part 1 (Statements; Double Entry; Ledgers; Sales and Purchases)

  2. Accounting Basics – part 2 (Accruals)

  3. Cost of Sales and Inventories

  4. Assets

  5. Bad Debt and Provisions

  6. Tax

  7. Equity and Loans

  8. P&L and SFP: Single entity 1

  9. P&L and SFP: Single entity 2

  10. Cash Flow Statement: Single entity 1

  11. Cash Flow Statement: Single entity 2

 

You can view one of our FAR Masterclasses below. 

You can purchase each individual class for only £20 by clicking on the 'rent' icon below. You can then watch the class as many times as you need to ensure that you have understood the technical principles and mastered the exam techniques taught during the class. You can stream the classes directly below and view them on any device which has internet connection within the 72 hour viewing period. If you require access for longer than 72 hours, we suggest that you opt for the Full Series Offer - see below for details.

Full Series Offer

You can subscribe to all of the classes for £195 and enjoy a viewing period of 6 months. Just click here to purchase. Once payment has been made, you can view the full series here. 

 

One-to-One Tuition

If you are struggling with a particular area, then one-to-one tuition is also available. We suggest that one-to-one tuition is used to supplement the tuition provided during our classroom or online classes to address any specific areas where you require intensive support. 

 

Tuition fees are £75-85 p/hour depending on the level of seniority of the tutor. 

We offer a £10 per hour discount on one-to-one tuition for students who attend either our classroom tuition or online tuition.

Please contact us here if you wish to book.

 

Learning Materials

FAR Learning Notes

Our prize-winning ACA tutor, Kieran Doe, has developed our unique FAR Learning Notes which concisely summarise the essential technical knowledge you need to pass the exam. This enables you to focus on the essential content for each topic and then test yourself by reproducing the condensed content on a blank page. This will force you to actively recall the information so that it is embedded in your brain ready to use for exam questions.

The notes include:

​​

  • Easy-to-use summarised technical notes for each subject area 

  • Calculation proformas and reminders 

  • Specific exam technique guidance for each type of FAR exam question

A small sample is included at the bottom of this page. Student feedback can be found at the top of this page.

FAR Master Plan

 

To ensure that you use your study time as effectively as possible, we have broken the syllabus down into 'examinable topics' so that you can allocate your time to specific examinable topics. For each topic, we have referenced the essential ICAEW Study Manual reading and listed the recent past exam questions which examined the topic. There is also a reference to how frequently the topic is examined, the extent to which it is examined and the FAR masterclass webinar which demonstrates the exact exam technique to use for that type of question.

A small sample is included at the bottom of this page. 

Payment and delivery

The price for the FAR Learning Notes and the FAR Master Plan is only £30. You can purchase by clicking below; if you wish to use another payment method then please contact us.

Once payment has been received, you will receive the materials via email within 24 hours.

Contact us here or email bookings@acamasters.com

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